Some real estate scams are easy to spot while other schemes use sophisticated methods to defraud people of their hard-earned money. Unfortunately, the digital era is making it easier for fraudsters to steal money from potential renters and homebuyers. However, people can easily protect themselves from fraud by following a few simple steps.
Avoiding Escrow Fraud
When potential renters and home buyers receive an email from a third party claiming to represent a title company, but the email is from a free account, alarm bells should go off. Most title companies and lawyers do not use free email accounts. The best thing to do in this situation is to delete the email and contact the title company or escrow agents to see if they did send an email, especially if the email contains new wiring instructions for funds to close.
Predatory lenders can persuade unsuspecting homeowners to refinance their mortgages multiple times. Scammers charge outrageous fees and closing costs each time they convince homeowners to refinance, and they often fail to mention the new terms will have higher monthly payments because of larger loan balances.
Many seniors are vulnerable to mortgage flipping, especially those with significant amounts of equity in their homes. The scammers will convince seniors they can find them a better loan at a lower rate, and they also convince them they will have access to a large amount of equity. However, higher fees and a new, much larger loan balance eliminates most of the home’s equity and significantly increases the monthly payment (if there was one, to begin with).
Rental fraud is not as uncommon as many people think. People scammed by rental fraud have lost millions of dollars over the past several years. In today’s digital era, many scammers will post homes, condos or other structures for rent on social media platforms and sites like Craigslist.
The fraudsters will then ask for an upfront cash deposit to view the rental. However, the “owner/landlord” actually has no connection to the property, and the rental listing was a ruse to steal the deposit. Experts suggest potential renters should immediately be skeptical of any listing where an upfront cash deposit is required to view the property.
Historical homes come in a number of different flavors. People that are interested in selling these homes should keep a couple of things in mind when they are trying to get their homes sold.
Research the Area
There are a lot of people that are living in historic homes that are not aware of the value. They do not know the history behind the area. If you are one of those people it is time to look at the history of your home. Find out information about the area so that you can create an accurate description that describes the type of home that you are trying to sell.
Find out about the landmarks and the things that are going to make the home worth the price that you asking. Most people are not fully aware of the history of homes that they are trying to buy. When you add this information into your historical home details it becomes more of a treasure for potential buyers.
Fix Up Your Home
When historical homes are being sold the first thing that comes to mind is renovating the property. Most of these homes have become historical properties because they have been around for so long. In order to make people take an interest in these types of properties, one must put forth some effort to renovate these homes and still preserve the historic charm.
Electrical work should be done. Any type of restoration for hardwood floors that is needed should also be done. People may like historical homes, but they often want the work that needs to be done for restoration to be completed before they purchase the home.
Connect With An Agent
The next thing you need to do when you are trying to sell a historic home is connecting with a real estate agent. They can help you further your research and provide a write-up that shows the value of your home in the area that it is in. They can also give you the recommendations for presenting your home in a style that reflects the historical value while accentuating the upgrades that have been done. What a real estate agent can do is connect you to potential buyers that are in search of these type of historic properties.
About Jason Cohen Pittsburgh
Jason Cohen is a real estate investor in Pittsburgh, Pennsylvania. He created Jason Cohen Pittsburgh, a group of real estate enthusiasts committed to helping others invest in real estate, and he has thrived in the area since 2002.
As Jason’s career has grown and flourished, so has Pittsburgh itself — transforming from an industrial “rust belt” city into a major cultural center abundant with high-end multi-family rental properties. Jason has seamlessly handled the dynamic nature of Pittsburgh and of the real estate industry in general. A research-driven professional, he consistently enables smart and profitable investments in the area, helping to transform modest properties into high-end rentals in Pittsburgh’s hottest neighborhoods.
Jason Cohen first entered the world of real estate shortly after his graduation from college. He started out by investing in distressed properties in Pennsylvania. After some experience working full-time for a real estate company, he decided to pave his own path in the industry. He has worked as an independent real estate agent and developed the Jason Cohen Pittsburgh team ever since. The team consists of highly qualified investors, property managers, leasing agents, and contractors.
Over the course of his career Jason has become highly proficient in acquisitions, joint ventures and partnerships, multifamily real estate investments, asset repositioning, real estate management, real estate brokerage, and new construction. He has excelled in high-level investment strategies, but is also no stranger to “ground work” when it comes to the industry. He is well-versed in each step of Jason Cohen Pittsburgh’s unique system: researching local areas and investing in properties, performing renovations to transform these properties from dilapidated eyesores into high-end units, and ultimately repositioning the properties for maximum profit in renting and selling.
Jason Cohen Pittsburgh is the group of choice for anyone who needs advice, analysis and due diligence, and general expertise in matters of investing, whether they are short-term or long-term. Jason Cohen Pittsburgh has dealt with properties in a variety of neighborhoods throughout parts of Pittsburgh, including the South Side, Oakland, Shadyside, Squirrel Hill, Mt. Lebanon, and Regent Square. Each and every one of these locations, paired with Jason’s overall knowledge of real estate investing, has allowed him to play a part in restoring Pittsburgh’s place as one of the most popular cities in the United States.
This blog will share news, updates, and insights regarding Pittsburgh and its real estate market from the perspective of Jason Cohen Pittsburgh. Stay tuned!